Menendez Wants Action to Protect consumers' rights in Disputes with Financial Service Providers

Menendez Wants Action to Protect consumers' rights in Disputes with Financial Service Providers


By:  Staff
Somerset County News


U.S. Senator Robert Menendez, member of the Senate Banking Committee, today urged the nation’s top consumer agency to protect consumers’ right to seek legal relief in disputes with financial services companies.  Joining a letter from more than 50 members of Congress, Menendez called on the Consumer Financial Protection Bureau (CFPB) to eliminate the use of mandatory arbitration clauses that are often buried in the fine print of checking accounts, private student loans, credit cards, and other contracts. These clauses prevent consumers from taking companies to court or participating in class action lawsuits when a dispute arises.

“No consumer should unwittingly be denied their right to seek redress against a financial institution because of a mandatory arbitration clause buried in the fine print of a contract,” said Sen. Menendez, who has been a champion of consumer financial protection.  “It’s time to end this practice and put the financial interests of consumers first.”

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